Construction Update for Two Riverside Tower in Brickell
In the heart of Miami’s Brickell neighborhood, a new chapter in architectural excellence is unfolding with the planned construction of the Two Riverside Tower. This 59-story edifice is not merely a building; it’s a “signature development” that promises to invigorate the Miami Riverfront with its public riverwalk and ground-level commercial spaces, as per the developer’s representative.
Adjacent to this site, the Lofty Brickell project is already taking shape, with its twin towers of 43 and 44 stories, housing 784 residential units, at the One Brickell Riverfront site.
The Two Riverside Tower is ambitiously designed to house 169 residential units, 1,090 square feet dedicated to commercial space, and shared parking facilities with Lofty Brickell.
The proposed riverwalk, an integral part of this development, will extend over 10 feet in certain areas, as revealed in the project filings.
In a significant step forward, the Federal Aviation Administration (FAA) has granted approval for the tower to reach a height of 731 feet above ground, or 733 feet above sea level. This approval addressed to NGD Riverfront LLC in Miami, came through in October 2023.
The Miami River Commission’s Urban Infill and Greenways Subcommittee has already reviewed the proposal on October 16. The full Commission is poised to deliberate on the proposal on November 6.
For the discerning hedge fund manager, Two Riverside represents more than an architectural marvel; it is a beacon of investment potential and urban development. This project not only promises a revitalized riverfront but also signifies the strategic growth and dynamism of Miami’s real estate market.
Miami Commissioners Approve Four Residential Towers in Brickell
In the heart of Brickell, a significant financial move was made last month as county commissioners greenlit the development of four prominent towers on a single block.
This decision, made on September 20 during a session of the Miami-Dade Zoning Board, paves the way for Sentral, Menesse, Westpine, and Calle 8 towers.
Cumulatively, these ventures will usher in an impressive 1,995 residential units across the five towers.
In a strategic move, the developer behind Menesse has entered into a covenant, committing to a significant contribution to enhance Brickell’s mass transit infrastructure. This agreement, formalized on October 18, entails Menesse Brickell LLC allocating $350,000 towards the refurbishment of the Brickell Metrorail and Metromover stations. This contribution will be made before the issuance of the building permit.
Furthermore, in a nod to sustainable urban development, the developer has pledged to reserve a minimum of 5% of the residential units for workforce housing. This initiative targets households earning between 60% and 140% of the area’s median income and will be in effect for two decades post-TCO issuance.
The administrative review of the tower’s site plan is currently in progress, and the financial world watches with bated breath as Brickell continues to evolve.
Key International Sets Sights on Miami’s Financial District with a Pioneering Office Tower
In the heart of Miami’s bustling Financial District, Key International, under the leadership of co-presidents Inigo and Diego Ardid, is poised to redefine the skyline with their ambitious plans for 848 Brickell Avenue. This isn’t just another office building; it’s a statement of intent, a 50-story beacon that promises to elevate the standards of Class-A office spaces.
The architectural maestros behind this venture are none other than Skidmore, Owings & Merrill (SOM), the globally acclaimed firm responsible for iconic structures such as the Burj Khalifa and One World Trade Center. Their involvement alone signifies the magnitude and prestige of this project.
Positioned strategically in the sought-after Brickell neighborhood, the tower will be a stone’s throw away from the Brickell City Center and a plethora of upscale dining and retail establishments. Once completed, it will soar to an impressive height of approximately 761 feet, making it a dominant feature of Miami’s skyline.
Diego Ardid, co-president of Key International, shared his vision for the new 848 Brickell. He envisions it as more than just a workspace; it’s a testament to architectural prowess combined with unparalleled amenities that will reshape Miami’s work culture. This isn’t just about meeting expectations; it’s about surpassing them.
The tower is meticulously designed to cater to the burgeoning demand for luxury office spaces in Miami. Boasting 750,000 square feet of office real estate, prospective tenants can expect floor plans ranging from 19,000 to 27,000 square feet, tailored to accommodate diverse sectors such as law, technology, and notably, finance.
What truly sets this building apart is its emphasis on holistic well-being. It’s not just about work; it’s about wellness. The building champions both LEED and WELL rating systems, underscoring its commitment to environmental sustainability and the health of its occupants. Features such as residential-style balconies foster a connection with nature, while a sprawling 40,000-square-foot amenity level, complete with outdoor meeting spaces, lounges, a state-of-the-art gym, an outdoor walking trail, and two regulation-sized Padel courts, ensures that work-life balance isn’t just a catchphrase—it’s a reality.
Strategic Real Estate Moves by Qatar’s Royal Family in Miami’s Financial District
In a significant real estate transaction that has captured the attention of the global financial community, members of Qatar’s esteemed royal family, the Al Thanis, have divested their interests in the SLS Brickell hotel, located in the heart of Miami’s bustling financial district. The property, which stands as a testament to luxury and opulence, was acquired for a sum of $55 million by the Kastrati Group, a conglomerate with Albanian roots.
The SLS Brickell, an architectural marvel situated at 1300 South Miami Avenue, encompasses 124 rooms, translating to a valuation of approximately $444,000 per room. The transaction was facilitated by Miami’s renowned broker, Jordan Karp, who represented both the Al Thanis and the Kastrati Group. Stefano Santoro, a notable figure in the disruptive real estate sector, played a pivotal role in assisting Karp from the buyer’s side. However, the brokers have maintained discretion regarding the intricate details of the buyer’s identity.
This acquisition is particularly noteworthy as it marks the Kastrati Group’s inaugural venture into the U.S. real estate market. Under the leadership of Shefqet Kastrati, the conglomerate boasts a diverse portfolio, spanning sectors such as oil, insurance, construction, and infrastructure.
The SLS Brickell’s history is as intriguing as its architecture. In 2018, an affiliate of the Al Thanis procured the hotel for $43 million from its original developer, the Coconut Grove-based Related Group. The hotel, a 54-story mixed-use edifice, was conceived by the visionary French architect Philippe Starck in collaboration with Miami’s own Arquitectonica. Its offerings include a sprawling 58,000 square feet of event space, gourmet restaurants, upscale bars, a rooftop pool terrace, and grand ballrooms. The management of the hotel is under the aegis of Accor Hotels, a global leader in the hospitality sector.
The real estate landscape of Miami continues to evolve, with the Al Thanis recently divesting an SLS Brickell restaurant space, which was acquired by Robert Rivani’s Black Lion Investment Group for $10 million. Furthermore, the Related Group, in partnership with the Allen Morris Company, has also developed the nearby SLS Lux Brickell Hotel & Residences.
In a broader context, the Miami real estate market has witnessed several noteworthy transactions. Michigan-based hoteliers Malik Abdulnoor and Sahir Malki recently invested $21 million in the Hampton Inn Fort Lauderdale/Plantation. Additionally, the Nakash family from New York, in collaboration with Michael Palmer, acquired the Beacon South Beach Hotel in Miami Beach for $23.5 million.
For hedge fund managers and investors, these transactions underscore the vitality and potential of the Miami real estate market, offering lucrative opportunities for those with a keen eye for value and growth.
Monarch Alternative Capital Buys 801 Brickell Office Tower for $250 Million
The 801 Brickell office tower in Miami is being purchased by Monarch Alternative Capital and Tourmaline Capital Partners for roughly $250 million.
This 28-story building is anticipated to close in the next week. According to property records, the building was finished in 1984 and has a total square footage of 695,000 square feet, 415,000 of which are offices. The building was purchased in 2002 for $80.3 million by Nuveen, the financial division of the Teachers Insurance and Annuity Association of America, or TIAA. Over 90% of units at 801 Brickell are leased.
Among the tenants are the bank Cassel Salpeter, the investment business Selvatra, and Swiss Re AGroup. The 7,000 square foot office will be opened in the fourth quarter by BNP Paribas Securities Corporation, a division of the European bank BNP Paribas. Komodo, a restaurant owned by Groot Hospitality, has a location at 801 Brickell as well.
Approximately 60% of the purchase price is being financed by 801 Brickell’s buyers.
Apollo Capital Management, Canadian asset management CI Financial, and private equity company Thoma Bravo are three financial institutions that have recently leased space in Brickell. Also relocating from Chicago to Brickell is billionaire Ken Griffin’s Citadel and Citadel Securities.
Since Griffin’s $286.5 million purchase of the structure at 1221 Brickell Avenue in the summer of last year, Monarch and Tourmaline’s acquisition is the largest office transaction in South Florida.
With some asking rentals over $100 per square foot, the number of tenants has driven Brickell rents to all-time highs. The 801 Brickell acquisition is partially a bet on rental growth at the tower because, according to sources, new leases are signing for over $100 per foot, which is significantly more than the rates for existing leases.
According to its website, Tourmaline is an office investment company created in 2021 that has made $3 billion in deals and has 1.4 million square feet under construction. Brandon Huffman is in charge of it.
The Citigroup Center in downtown Miami, located at 201 South Biscayne Boulevard, is likewise a property owned by Monarch and Tourmaline. The 34-story tower also has CP Group, formerly known as Crocker Partners, is listed as a co-owner.
Dolce & Gabbana Partners with 888 Brickell on 90-Story Residential Tower
Dolce & Gabbana debuts its first real estate project in Miami at 888 Brickell Avenue in Downtown Miami. Designers Domenico Dolce and Stefano Gabbana ‘selected’ the condominiums, which come in several marble selections and colors.
Michael Stern, CEO and founder of the developer JDS Development Group stated that the involvement of the fashion house in residents’ daily lives will go beyond the structure of the one- to four-bedroom condos and/or the building’s opulent amenities. Instead, each of the 259 homes will have a full “curation” of everything inside.
The three color schemes include: white with Bianco Striata Marble, black with Nero Marquina Marble, and gold with Giallo Imperiale Marble.
According to Stern, the homes include “very elaborate marbles, amazing light fixtures… and an incredibly luxurious palette.” People have a lot of freedom to make from the options for their units.
The building was designed by Studio Sofield, the same company that also worked on notable projects like New York’s rail-thin Steinway Tower, and depictions show opulent details like Venetian chandeliers and freestanding bathtubs in front of expansive ocean views.
The company’s CEO, Alfonso Dolce, indicated that the ultimate objective is to become “ambassadors of ‘Made in Italy’ in the world” and to expand “the perimeter of the company’s activities with a view to an all-round lifestyle experience.”
The amenities that are often found in high-end buildings, such as restaurants, bars, fitness centers, shared offices, and conference rooms, will be available to 888 Brickell residents. Additionally, there is a 4,000-square-foot pool deck with a 44-foot pool and views of Miami Beach, Biscayne Bay, and the Atlantic Ocean.
The most luxurious condos will cost more than $35 million, with prices starting at about $3.5 million.
Dolce&Gabbana is not the only luxury brand investing in Florida in this way. Bentley and Porsche, two Volkswagen Group-owned car companies, have also built towers along the state’s coastline, while Armani provides residents with access to a private beach from its skyscraper.
Meanwhile, the number of fashion industry leaders opening branded hotels throughout the world has increased recently. Examples include Bulgari, Versace, and Roberto Cavalli. They do this by drawing on their well-established aesthetics and identifiable designer brands.
New Residential Tower Announced in Brickell
Chicago-based developer Focus has recently released renderings for a new 39-story residential tower in Brickell. The abandoned Starlite Motel land in Brickell is where the residential tower will be built. The Starlite Motel has already been demolished in preparation for construction.
On August 30, Miami-Dade County received the zoning and general plan applications. The project is being approved through the county’s Rapid Transit zoning procedure, which has grown to be a popular substitute for the City of Miami approval procedure. From a pre-application submission on August 4, renderings have been revised. Gensler is the architect.
Development Information:
517 residential units
8,282 sq. ft. of ground floor
indoor/outdoor and rooftop amenity space
506 parking spaces
According to a letter from the developer, the project also has cross-block connectivity on the ground floor via a driveway and walkway on the west side of the property, which will enhance both vehicular and pedestrian circulation inside and outside the development.
Summit Brickell Proposed in Brickell Miami
In the Brickell district of Miami, Lore Development Group has submitted designs for, Summit Brickell, a mixed-use development at 1015 Southwest 1st Avenue.
The 69-story tower would be built on a 22,712-square-foot plot of land that is near the Brickell Metromover Station, on the southeast corner of SW 1st Avenue and SW 10th Street. The almost 843-foot-tall building, designed by Corwil Architects, would have an interior area of 875,525 square feet, including 500 residential units, 2,174 square feet of ground-floor retail space, and an integrated 11-story garage with 480 parking spaces.
Renderings of a modern, elegant tower with rounded corners and dynamic moving volumes have just been unveiled. This tower is intended to easily blend into the surrounding urban landscape. The tower’s use of continuous balconies, which gracefully round the building and provide future occupants with spectacular panoramic metropolitan views, is a standout feature. With an approximate height of 843 feet, the tower dominates the Brickell skyline and dwarfs nearby buildings in size. The height between the mechanical level and elevator bulkhead and the rooftop is around 825 feet.
The property has a gross area of 1.011 acres, or 44,020 square feet, and a net area of 0.520 acres, or 22,712 square feet, according to the registration paperwork. The property was purchased for $35 million by Lore Development Group, a partnership between Leste Group and the Brazilian real estate company Opportunity Fundo de Investimento Imobiliário. It consists of several properties, including 74, 78, 84, and 88 SW 10th Streets, 1013, 1015, and 1021 SW 1st Avenues.
The property is expected to offer a range of unit sizes, from 496 to 1,436 square feet, including studios, one-bedroom, two-bedroom, and three-bedroom floorplans. It is anticipated that the flats will be offered for rent given their size. Residents will have access to additional recreational areas thanks to the facilities, which will be housed on the 13th and 69th floors and include a rooftop pool deck.
Due to the fact that this is the pre-application stage, detailed information regarding the material board is not available. However, it may be assumed from the elevation diagrams that the balconies will include wrap-around glass railings, acting as both decorative and utilitarian elements that emphasize the towers’ elevations. Floor-to-ceiling glass panels with aluminum frames are anticipated for the windows, and gray stucco is probably what will be used to complete the external walls. A metal mesh screen is planned to cover the garage, adding a distinctive visual aspect. Additionally, it is planned to add glass panels to the towers’ crowns to further improve the development’s aesthetic appeal.
According to reports, construction on the project will begin in June 2024 and finish in the summer of 2027.
Rooftop Skydeck Design Revealed for Lofty Brickell
Newgard Development Group has recently revealed designs for a rooftop sky deck on the 44th floor at Lofty Brickell.
The 10,000-square-foot space can host private events of all sizes, from intimate corporate get-togethers to wedding celebrations. The rooftop will have a catering kitchen, a private pool, modular couches, movable bars, and gorgeous vegetation. When events are not occurring, owners will have exclusive use of the area.
According to the newest press release, the project has reportedly been sold out more than 92% overall with a few penthouse units left, beginning at $2.2 million.
The 362-unit LOFTY, designed by Arquitectonica, has 40,000 square feet of thoughtfully chosen amenities, including a private marina, a members-only social club, resort pool deck, and fitness center, indoor/outdoor cigar lounge, co-working lounge, meeting rooms, along with 309 tower residences, including studio, one-, and two-bedroom units.
The 53-unit Penthouse Collection at LOFTY features roomy two-, three-, and three-bedroom plus den apartments that have been carefully selected and will be outfitted by renowned design firm Artefacto. Penthouses range from $1.95 million to $3.5+ million.
A 5-star alternative for the owner and traveler who might choose to stay and own differently but does not want to give up the services and amenities of a hotel, LOFTY is the next evolution of condo ownership, located just across from Brickell City Centre. Each home will be delivered finished and furnished, and short-term rentals are allowed under professional supervision.
The 44 levels of upscale interiors at LOFTY were designed by INC, the multi-disciplinary INC Studio. The landscape designer is Urban Robot Associates.
The 44-story luxury condominium located at 99 SW Seventh St, Miami is now under construction on the Miami River. The new partnership with YUPIX is expected to boost interest in LOFTY even further.
If you or someone you know have an interest in purchasing at LOFTY, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
